【数智周报将整合本周最重要的企业级服务、云计算、大数据领域的前沿趋势、重磅政策及行研报 告。】 观点 黄仁勋谈AI泡沫：泡沫产生是因为投资规模空前庞大，巨额投资是为了构建AI基础设施 黄仁勋在达沃斯论坛上表示，泡沫产生是因为投资规模空前庞大，巨额投资是为了构建AI基础设施， 机会非常巨大，每个人都该参与进来。人工智能行业虽然看起来像泡沫，但它并不是泡沫。他指出，人 工智能正引发一场"平台级变革"，人类即将迎来史上规模最大的基础设施投资，总规模将达数万亿美 元。人工智能基础设施在未来几年需要"数万亿美元"的额外投资。否则，最终将走向失败。 微软CEO纳德拉直言AI泡沫隐现，资本堆砌难掩生产率短板 微软CEO萨提亚·纳德拉发出警告，若人工智能的发展仅依赖资本堆砌而缺乏真实的生产率改善，市场 很可能正在形成泡沫。纳德拉指出，判断AI泡沫的一个明显信号，是行业讨论过度聚焦科技公司与技 术供给侧，却忽视实际需求与落地应用。AI的核心价值不在于持续加大资本投入，而在于推动企业改 变工作方式，让组织运作与AI的结构性特征相匹配。 DeepMind与Anthropic达沃斯交锋：AGI逼近，5年内或迎劳动力市场剧变 Deep ...

风险提示：技术研发进度不及预期风险；下游需求不及预期风险；宏观经济和行业 波动风险；地缘政治风险；国际贸易摩擦风险。 首选股票 评级 一年行业表现 资料来源：聚源 升幅% 1M 3M 12M 相对收益 12.86 13.82 39.38 绝对收益 14.63 15.91 63.01 分析师 熊军 SAC 执业证书编号：S0910525050001 xiongjun@huajinsc.cn 相关报告 电子：AI &半导体：英伟达发布 Vera Rubin 平 台-华金证券-电子-周报 2026.1.10 电子：AI &半导体：Marvell 拟战略收购 Celestial AI-华金证券-电子-周报 2025.12.7 2026 年 01 月 24 日 行业研究●证券研究报告 电子 行业周报 AI &半导体：英特尔 2026 年 Q1 指引不及预期 投资要点 http://www.huajinsc.cn/ 1 / 10 请务必阅读正文之后的免责条款部分 投资评级 领先大市(维持) 英特尔公布 2025第四季度及全年财务报告。英特尔 2025年第四季度营收为 137 亿美元，同比下降 4.1%，环比增长 3%。其 ...

Intel (INTC) shares moved lower after the company reported fourth-quarter earnings, even though the chipmaker beat expectations. The market’s reaction reflects investor concern about management’s first-quarter outlook, which came in below consensus and highlighted near-term operational challenges. For Q4, Intel posted revenue of $13.7 billion, surpassing both Wall Street estimates and the company’s own guidance. Growth was broad-based across the business, supported by continued investment in AI infrastruc ...

Core Viewpoint - Intel is adopting a cautious approach to chip capacity investments, prioritizing customer commitments before accelerating spending, contrasting with competitors TSMC and Samsung who are increasing their investments aggressively [1][4]. Group 1: Capacity Expansion Strategy - Intel will not expedite major chip capacity investments without clearer customer commitments, despite competitors ramping up spending [1]. - The company is focusing on selective investments, with CFO David Zinsner stating that Intel is already investing aggressively in certain manufacturing nodes like Intel 7, Intel 3, and 18A [2][3]. - Intel is holding back on expanding capacity for the Intel 14A process node, which is closely linked to foundry customers, until there is confirmed demand [4]. Group 2: Efficiency and Supply Gains - Intel believes it can achieve significant supply gains through improved manufacturing efficiency rather than major new capital expenditures, which differentiates it from its peers [5]. - The company is focusing on enhancing yields and reducing production cycle times within its existing operations [5][6]. Group 3: Financial Performance - Intel reported fourth-quarter revenue of $13.67 billion, exceeding Wall Street expectations of $13.37 billion, and delivered adjusted earnings of 15 cents per share, surpassing analysts' forecasts of eight cents [7].

Market Overview - Stock futures are modestly lower, influenced by Intel's significant pre-market decline and ongoing geopolitical uncertainty [1] - Markets are trading mixed and cautiously softer after a volatile week reflecting shifting investor sentiment around geopolitics, earnings, and economic data [1] Commodity Trends - Gold continues to see strong demand, trading near record levels, while the silver spot price has surpassed $100 per ounce [2] Futures Performance - In pre-market trading, S&P 500 futures fell 0.19%, Nasdaq futures fell 0.23%, and Dow futures fell 0.43% [2] Company Movements - Life360 (LIF) up 23% after FY25 pre-announcement [5] - Nvidia (NVDA) up 1% following reports that Chinese regulators are preparing for orders of Nvidia's H200 AI chips [5] - Intel (INTC) down 12% after a weak outlook [5] - Other notable movements include Booz Allen (BAH) up 6%, Intuitive Surgical (ISRG) up 3%, and Capital One (COF) down 4% [5]

Northland raised the firm’s price target on Intel (INTC) to $54 from $46 and keeps an Outperform rating on the shares after the company reported non-GAAP EPS upside in Q4, but gave downbeat Q1 guidance due to internal capacity constraints. While the process remains disappointing, Intel is a U.S. strategic asset and “too critical to fail,” says the analyst, who adds that guidance is “very likely to be conservative.” Claim 50% Off TipRanks Premium Published first on TheFly – the ultimate source for real-ti ...

Intel Corporation (NASDAQ:INTC) is one of the stocks Jim Cramer shared his take on. Cramer believes that the stock “will be a very hot stock,” as he commented: Some think that Intel took itself out of the running today after announcing a quarter that was less than expected. That’s wrong. You have to look out. The demand there is insane. I think we haven’t heard the last of this stock, which is up 40% this year. I think CEO Lip-Bu Tan has a lot up his sleeve. Intel will be a very hot stock. If you give up ...

Key TakeawaysRussia launched a massive overnight strike on Ukrainian drone sites and energy facilities, primarily targeting Kyiv's energy sector with over 370 drones and 21 missiles. This comes as Russian forces reportedly took control of Starytsya in Ukraine's Kharkiv region.Intel (INTC) shares plunged 12-14% after the company issued a soft Q1 guidance, forecasting revenue and profit below estimates due to struggles in meeting booming demand for server chips amidst supply constraints. This setback occurred ...

华尔街顶级投资机构KeyBanc Capital Markets近日发布研报称，全球半导体行业有望迎来需 求更加强劲的一年， 并且特别指出在全球范围AI算力基础设施建设浪潮如火如荼以及"存储芯片 超级周期"宏观背景之下，半导体设备厂商们也将迎来超级周期，它们将是AI芯片(涵盖AI GPU/AI ASIC)与DRAM/NAND存储芯片产能急剧扩张趋势的最大规模受益者。 另一华尔街巨头花旗集团近期发布的一份研报同样显示， 半导体设备板块乃AI算力与存储需求爆 表之下的最大赢家之一，花旗在这份研报中预测，全球半导体设备板块将迎来"Phase 2 牛市上 行周期"，也就是说继2024-25年的超级牛市之后有望迎来新一轮牛市轨迹 。花旗发布的这份研 报显示，2026年的芯片股主线投资策略绝对不是"泛泛看多半导体"， 而是明确落在半导体设备 龙头领域(即WFE相关)——即阿斯麦、泛林集团以及应用材料。 花旗分析师团队表示，"Phase 2 上行周期"意味着估值锚从"估值触底修复"转向"盈利持续上 修"：当WFE总盘子从基准情景往牛市情景偏移时，半导体设备领域龙头公司盈利弹性甚至有可 能大于营收弹性(规模效应+产能利用率提 ...

Investment Rating - The report maintains a "Positive" investment rating for the industry [8] Core Insights - Intel, a leader in the global CPU market, has secured a significant contract worth up to $151 billion, which is nearly three times its projected revenue for 2024, indicating a strong demand outlook [2][11] - The supply chain dynamics are a crucial factor driving CPU price increases, with a tight supply situation exacerbated by high demand from major cloud service providers [11] - The AI era is expected to amplify the demand for CPUs, with new applications and technologies potentially widening the supply-demand gap [11] Summary by Sections Event Description - Intel's stock price increased by 33.59% from December 24, 2025, to January 20, 2026, while Nvidia's stock decreased by 5.89% during the same period [5] - On January 20, 2026, Intel announced it won a significant contract with the U.S. Department of Defense, which could contribute to its revenue growth [5] Market Dynamics - The CPU market is experiencing a supply crunch, with major players like AMD and Intel having sold out their server CPU capacities for the year due to high demand [11] - Both companies are planning to raise server CPU prices by 10-15% to address the supply-demand imbalance [11] Future Outlook - The report recommends focusing on the domestic CPU industry, particularly highlighting the potential for domestic manufacturers to gain market share as overseas prices rise [11] - The report emphasizes the long-term growth potential of the CPU market driven by AI applications, suggesting that companies like Haiguang Information could see significant performance improvements [11]